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菜頭 · 2023年12月14日

如下

NO.PZ2022062601000010

问题如下:

High net worth investor Zhou and his investment advisor Jesse discussed shifting parts of his portfolio into alternative investments, Jesse said, My research over the past year has made me realize that alternative investments require different types of monitoring compared to the traditional asset classes I am currently investing in. Regarding performance benchmarks, we may have to rely on peer comparison, which is a good substitute for our market index for traditional asset classes, especially private equity and direct real estate investments. We cannot evaluate performance until the project is fully invested, which may require a lot of effort Years of time. In addition, unlike traditional asset classes, for alternative investments, we need to worry about how the behavior of other investors affects the performance of our investments

Which of Jesse's comments on monitoring alternative investments is most likely correct? Regarding:

选项:

A.

performance benchmarks.

B.

delays in assessing performance evaluation.

C.

the impact of other investors’ actions on performance.

解释:

C is correct. Many alternative investments use limited partnerships or similar structures, with each investor owning a fairly large portion of the fund. Strategies typically involve investing in illiquid assets. If a few investors pull out of a fund, managers may be forced to sell their positions at unfavorable times, resulting in poor performance for all investors. The remaining positions may also be particularly illiquid.

A is incorrect. Peer evaluation cannot effectively replace market price indices because it is difficult to identify a peer group with the same investment strategy as the evaluated manager. In addition, due to the lack of standards for constructing such benchmarks, different evaluators have conducted very different evaluations of the performance of the same manager.

B is not correct. Although it is difficult to evaluate the performance of investment plans that have not been fully invested, such as private equity investments or direct real estate investments, investors must still monitor market conditions to ensure that investment plans remain appropriate.

知识点考察:Monitoring the Investment Program

C是正确的。许多另类投资使用有限合伙或类似结构,每个投资者都拥有相当大的基金份额。策略通常涉及对非流动性资产的投资。如果少数投资者退出一只基金,经理们可能会被迫在不利的时候抛售头寸,导致所有投资者的业绩不佳。剩余头寸也可能特别缺乏流动性。

A不正确。同行评估不能很好地替代市场价格指数,因为很难确定一个与被评估经理具有相同投资策略的同行群体。此外,由于缺乏建立此类基准的标准,不同的评估人员对同一名管理人员的业绩进行了非常不同的评估。

B不正确。尽管很难评估未完全投资的投资计划(如私募股权投资或直接房地产投资)的绩效,但投资者仍必须监控市场状况,以确保投资计划保持适当。

请问同行评估讲义中不是说的可以作为一种评估方式吗?

3 个答案

伯恩_品职助教 · 2023年12月22日

嗨,努力学习的PZer你好:


对啊,peer group就是manager universes。但是不是 Peer evaluation。这是个专有名词。

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努力的时光都是限量版,加油!

考拉 · 2023年12月22日

老师,你看一下,讲义里确实提到同行评估是两种另类资产投资的监测方法,尽管也有自身局限。

伯恩_品职助教 · 2023年12月15日

嗨,爱思考的PZer你好:


请问同行评估讲义中不是说的可以作为一种评估方式吗?——同学你好,我不太记得讲义有提过这句话。以前学的是manager universes。

如果说manager universes其实也不是一个很好的业绩评价基准,只是作为没有办法的时候的被迫方法

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加油吧,让我们一起遇见更好的自己!

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